"Carolines on Broadway," a 30-year-old comedy club and New York institution, will close its Times Square location after deciding not to renew its lease, but will look for a new space, the comedy club announced Tuesday.

The comedy club said it will vacate its home of 30 years on Jan. 1, with the last performance taking place on Dec. 31.

"We want to thank the comedians, our incredibly talented staff and all of the comedy fans who have visited the club throughout the years to help make Carolines the success it has been for the last four decades," a Carolines on Broadway spokesperson said in a statement. "We are very excited about the future of the Carolines brand and will provide updates through our social media channels."

In a statement, the comedy club said the lease that was presented by the landlord of the Times Square location was overpriced for a basement space, making it the "last straw" for them. They added they won't "let a landlord tenant dispute end the laughter."

According to Carolines on Broadway’s Instagram, before arriving at Times Square in 1992, the club originally opened 40 years ago in Chelsea, and later moved to the South Street Seaport.

The comedy club said on Instagram, "People thought we were crazy to invest in Times Square, only later to say that we were ahead of the curve when global brands like Disney, NASDAQ and national retailers and businesses came to the neighborhood."

The location has hosted shows from countless famous comedians over the years. It has also been the home of the New York Comedy Festival for 18 years. In the Instagram post, the comedy club said it will “continue to grow” the festival “throughout the city and country.”